BUYING A PROPERTY SHOULDN’T BE SCARY. LET’S BREAK DOWN THE STEPS INVOLVED.
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Speak to a funder or lender to gain an understanding of a ballpark figure of what you can afford, and then establish a price point you are comfortable with.
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Once you have found a property you like, negotiate a price that both sides are happy with. This is when the official process starts. It varies a little between buying something off-the- plan (something yet to be completed) and buying something established. Identify several real estate agents in the areas you are considering, who are selling the product type you are after and introduce yourself. Let them know exactly what you are after. Even if you are not ready to buy right now, the better agents will keep you informed and this will help you better understand the market in which you will be buying in eventually. Start researching and identify a conveyancer or solicitor that will be working with you once you have found the right property.
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Undertake your own research to understand how often certain types of property come up, how long they take to sell and what they are selling for. If something looks like it sold for an abnormally high or low price, ask the agent to help you understand why. It may have been because of strata issues or it may have had future development potential.
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Start researching and identify a conveyancer or solicitor that will be working with you once you have found the right property.
Once you have found a property you like, negotiate a price that both sides are happy with. This is when the official process starts. It varies a little between buying something off-the- plan (something yet to be completed) and buying something established.
Would you like more information about this difference between these two? Download our complete guide here.
